Who may need this license

Detailed scope guidance is being verified against the current NMLS checklist.

Estimated filing costs

Application fee

$0

License fee

$750

NMLS fee

$120

Financial requirements

Financial statement (new application)

Unaudited (not compiled/reviewed)

Annual financial statement

Unaudited (not compiled/reviewed)

Net worth

25,000.00 per location

Source text preserved as written — see statute or checklist for the exact calculation.

Bonding

Surety bond required

Yes

Minimum bond amount

$50,000

Control-person and background requirements

Credit report roles

Not on file

Criminal background check roles

Direct Owners / Executive Officers: TCA 45-5-202 - Any individual who is a director, officer, or ten percent (10%) or more shareholder of the applicant or who owns or controls the applicant, as well as from any other individual associated with the applicant as is reasonably necessary to meet the purposes of this chapter.; Indirect Owners: TCA 45-5-202 - Any individual who is a director, officer, or ten percent (10%) or more shareholder of the applicant or who owns or controls the applicant, as well as from any other individual associated with the applicant as is reasonably necessary to meet the purposes of this chapter.

Ongoing reporting

MCR — Mortgage Call Report

Not required

A periodic report of loan origination and servicing activity filed through NMLS.

SSSF — State-Specific Supplemental Form

Not required

A state-specific form filed alongside standard NMLS reporting to satisfy that state's additional requirements.

UAAR — UAAR

Not required

A state reporting requirement. The full definition has not yet been verified against NMLS or state-regulator source documentation — treat as provisional pending confirmation. (definition pending verification)

Advance-change notice timing

Legal name change notice

30 days

Main address change notice

5 days